Roseview-PMRG Fund Buys Cambridge Office Building

CAMBRIDGE, MA—The Roseview-PMRG Fund I has acquired the 100 CambridgePark Drive office building here for $41.5 million and plans to undertake capital improvements to reposition the property.

The deal for the Class A, five-story, 135,572-square-foot office building is the first purchase by the $250-million discretionary fund established in July of this year by PM Realty Group and the Roseview Group.

The fund will invest several million dollars to re-position 100 CambridgePark Drive. Planned improvements include lobby and other common area renovations. 100 CambridgePark Drive is 78% leased and has immediate availability for users ranging from 2,000 square feet to 16,000 square feet. PMRG's Boston office will oversee property management with leasing being handled by Joseph Flaherty's team at Colliers International. The fund represented itself in the acquisition. Cushman & Wakefield represented the seller, Transatlantic Investment Management.

"100 CambridgePark Drive is an ideal asset for the Fund because it is perfectly situated to respond to the demands of today's tenants, including a prestigious Cambridge address, access to the Red Line or 'Tech Train' and a location in an exploding urban infill submarket with over 1700 residential units under construction," says Steve Corridan, managing partner of the Roseview Group. "This property is exactly the type of product we are seeking to acquire for our fund, value-added office properties with a story in key infill U.S. markets."

Developed in 1992, 100 CambridgePark Drive is a five-story brick-clad office building adjacent to the Alewife MBTA that features highly efficient 27,100-square-foot floorplates. The building and surrounding campus offers numerous amenities including a full-service Whole Food's Cafe, state-of-the-art fitness center and onsite childcare center. 100 CambridgePark Drive is leased to several high profile firms including Cambridge Systematics, Cambridge Savings Bank, ICF International and Modo Labs.